Seized Papers Trump Denial: ITAT Upholds Rs. 60 Lakh Additions in Rs. 110 Cr Search Case

Syed Mohammed Asad Ullah Hussaini Vs ACIT (ITAT Hyderabad) Hand-Loan & Land Deal Denied — But Seized Papers Sink Assessee: ITAT Confirms Additions- No Evidence, Only Denial: Tribunal Upholds 153C Jurisdiction & Rs.60 Lakhs Additions Hyderabad Tribunal dealt with additions arising from search in premises of Assessee’s in-laws where documents were seized naming Assessee. AO invoked 153C after tracing PAN & assessed Rs.35 lakhs as unexplained money u/s 69A (1/5th share of Rs.1.75 Cr hand-loan declared by borrower) & Rs.25 lakhs as unexplained investment u/s 69 for land purchas...